Operator: Welcome to Forest City Enterprises Fourth Quarter and Year End 2012 Earnings Conference Call.

The Company would like to remind you that today's remarks include forward-looking comments that are covered under Federal Safe Harbor provisions. Actual results could differ materially from those expressed or implied in such forward-looking statements due to various risks, uncertainties and other factors. Please refer to the risk factors outlined in Forest City's annual report on Form 10-K filed with the SEC for a discussion of factors that could cause results to differ.

This call is being recorded and a replay will be available beginning at 2.00 p.m. Eastern Time today. Both the telephone replay and the webcast will be available until April 28, 2013, 11.59 p.m. Eastern Time.

The Company would like to remind listeners that it will be using non-GAAP terminology, such as operating FFO, FFO comparable property net operating income and pro rata share in its discussions today. Please refer to the Forest City's supplemental package which is posted on the Company's website at www.forestcity.net for an explanation of these terms, and why the Company uses them, as well as reconciliations to their comparable financial measures, in accordance with Generally Accepted Accounting Principles.

At this time, all participants are in a listen-only mode. Participants on the call will have the opportunity to ask questions following the Company's prepared comments.

I would now like to turn the call over to Forest City's President and CEO, David LaRue. Please go ahead, Mr. LaRue.

David J. LaRue - President and CEO: Thank you, Stephanie. Good morning, everyone. Thank you for joining us today. With me today is Bob O'Brien, our Chief Financial Officer. Our results for the fourth quarter and full year 2012 went out yesterday after the close of the market. I hope you had a chance to review them. In a few minutes, I'll ask Bob for his comments on our results. After that, I'll give an update on our pipeline and offer some thoughts then we'll get to your questions.

As you saw in our press release we are pleased with the results for 2012. FFO, operating FFO and overall comp NOIs were all up over prior year as were revenues and net earnings. Our portfolio continued to show strength particularly in multifamily where we had strong comp – strong growth and comp NOI throughout the year. 2012 is also year of significant progress in executing on our strategic plan. As many of you are aware, the key drivers of the plan are building a strong sustaining capital structure, focusing on our core markets and products and achieving operational excellence throughout our business.

Let me touch on a few of these highlights for the year that tied to these drivers. We successfully opened four new properties in our core markets, the largest being Barclays Center in Brooklyn. We started seven new projects. Six as a multifamily, these include apartment projects in Denver, Dallas, Washington D.C. as well as B2 Brooklyn, the first multifamily component of Atlantic Yards. We disposed of 12 non-core assets generating cash of approximately $129 million. We completed the sales substantially all of our land development business after having announced our plan to exit the majority of that business at the beginning of the year.

Transcript Call Date 03/28/2013

Operator: Sheila McGrath, Evercore Partners.

Sheila McGrath - Evercore Partners: You've mentioned asset sales of $200 million to $250 million. I'm just wondering your rationale for ramping up the sales and if that gets you to a leverage level that you're targeting by year end?

David J. LaRue - President and CEO: Bob, do you want to first take that?

Robert G. O'Brien - EVP and CFO: Sure. Thanks Sheila. Yes, so net proceeds out of sales in that range $200 million to $250 million. At our historical leverage ratio against market, that's – its 60% leverage, that's north of $0.5 billion worth of real estate that we – at our share that we would hope to sell. Sheila, I think that our debt metrics as we've talked about are a work in progress. I don't think that's going to get us all the way to where we ultimately want to be, but it's going to give us a substantial amount of capital to continue to delever and continue to improve our debt metrics. I think we believe and the market seems to be bearing it out. You saw we sold an apartment building just outside Detroit just a week or two ago at a very attractive cap rate that – the market is now given where interest rates are and given where capital is, amenable to looking at and buyers purchasing in secondary markets. So we're going to divest in those non-core markets to try to raise capital to improve our balance sheet and invest in our balance sheet. As I tried to indicate in my prepared remarks, clearly that's going to have a – that's going to dilute our FFO because we're not going to – we don't believe even with the capital and the interest rates where they are that the lost FFO from property sales will probably not be fully offset by the investment of those proceeds in the balance sheet, at least in the near-term. But we're moving our NOI from where it is today in some of these non-core markets into the core markets and thereby increasing the quality of that NOI long-term

Sheila McGrath - Evercore Partners: And then, Bob or David, could you be a little bit more specific on – are these asset sales joint ventures in some of your larger assets or they're 100% focused in non-core markets?

Robert G. O'Brien - EVP and CFO: I think our primary focus is then we certainly brought investors into some of our higher profile assets like the retail portfolio in New York like our MIT transaction. So, the focus, given the improvement in the economy and then more greater availability of capital is to focus on those non-core markets. So it's not as critical. That being said, I often say that everything is ultimately for sale at a price, and if we can get full value in some of our core markets or products, that's something that we would consider. But for the most part, at least in our plan, is that's been of our interest in some non-core products and non-core markets.

Sheila McGrath - Evercore Partners: Two more quick questions. I was just wondering if you could talk about your thoughts. I know you amended your line of credit to allow more stock buybacks. So just wonder, if you could talk about your thoughts on stock buyback, eventually a dividend, and all in context of deleveraging, is this something that we shouldn't expect this year; just give us your thoughts on balancing those initiatives?